Exclusive: Singapore offers carbon tax rebates for refiners near term, sources say
Written by Emily J. Thompson, Senior Investment Analyst
Source: reuters
- Singapore Carbon Tax Rebates: Singapore is offering significant tax rebates of up to 76% for refiners and petrochemical companies to help them cope with the carbon tax planned for 2024 and 2025.
- Impact on Refiners' Profit Margins: The tax concessions aim to buffer refiners' profit margins against competition from newer plants in China and the Middle East.
- Taxation Rate Changes: Singapore's carbon tax rate increased to $25 per ton in 2025, compared to $5 per ton in 2019-2023, and will further rise to $45-$80 per ton by 2030.
- Rebates and Transitional Basis: Major refining and downstream companies are granted rebates on a transitional basis to reduce the final costs of carbon emissions.
- Transition Framework and Decarbonization Plans: Singapore introduced a transition framework to support companies in emissions-intensive sectors and will provide allowances based on efficiency benchmarks and decarbonization plans.
Analyst Views on CVX
Wall Street analysts forecast CVX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CVX is 176.95 USD with a low forecast of 158.00 USD and a high forecast of 206.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
19 Analyst Rating
15 Buy
4 Hold
0 Sell
Strong Buy
Current: 166.660
Low
158.00
Averages
176.95
High
206.00
Current: 166.660
Low
158.00
Averages
176.95
High
206.00
About CVX
Chevron Corporation is an integrated energy company. The Company produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and industry. The Company’s segments include Upstream and Downstream. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with LNG; transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of the refining of crude oil into petroleum products; marketing crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels, and transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
